TSX proposes issuer website disclosure

9 juin 2016

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The TSX has proposed amendments to its Company Manual that would introduce a requirement that listed issuers maintain a publicly accessible website posting current copies of the following documents:

  • Constating documents 
  • Corporate policies that impact meetings of security holders and voting
  • Security holder rights plans
  • Security compensation arrangements (such as stock option plans
  • Certain corporate governance documents, including charters of board committees, code of ethical business conduct, position descriptions, board mandate, anti-corruption policies and other environmental and social policies, and whistleblower policies

Importantly, issuers would no longer need to describe majority voting policies in their annual meeting materials and would instead be required to post of copy of the policy on the issuer’s website.

In its request for comments, the TSX notes that while reporting issuers are required under Canadian securities laws to file certain documents on the System for Electronic Document Analysis and Retrieval (SEDAR), such documents may be difficult to find due to differing practices in filing and identifying materials under consistent categories. Additionally, the TSX notes that some of the policies and corporate governance documents proposed to be posted on an issuer’s website are not required under securities laws to be filed on SEDAR at all.

Comment period

The proposed amendments have been published for comment until June 27, 2016. For further information, please see Amendments to Toronto Stock Exchange Company Manual (May 26, 2016)

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